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TMI Blog2018 (11) TMI 1631X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor is a fact and it is supported by the documentary evidence placed before this Adjudicating Authority. In this regard the Tribunal observes that the ₹ 1 Crore received from the CD shall be excluded in the amount claimed and the FC shall proceed against the CD for the remaining amount. (₹ 9,18,20,789). The instant petition is admitted and we order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed - Mr. V. Venkata Siva Kumar, as Interim Resolution Professional (IRP) as proposed by the Applicant is appointed - moratorium declared. - CP/280/(IB)/2018 - - - Dated:- 1-11-2018 - MR B. S. V. PRAKASH KUMA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 60% by the Andhra Bank and 40% by the Applicant Bank. Accordingly, total amount of debt granted is as follows: a. Andhra Bank- sanctioned on 29.10.2009. Facilities Availed Amount (Rs.) erores Open Cash Credit (OCC)(for Grain based Alcohol Plant) 5 Term Loan (for Grain based Alcohol Plant) 35 Letter of Credit 3 Sub Total(A) 43 b. Union Bank of India- sanctioned on 16.01.2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not fructified and order has been reserved in the said matter on 16.10.2018. 6. The counsel for the Corporate Debtor has not filed any counter, documents or objections for the petition filed against them by the Applicant Bank before this Tribunal after the attempts to settle the matter has failed. 7. In view of the above, the Tribunal observes that there is a debt due payable by the Corporate Debtor and that a default has occurred which the Corporate Debtor was responsible to pay. The date of occurrence of default shall be 31.12.2015. We are of the opinion that the Applicant Bank has established that the amount in default committed by the Corporate Debtor is a fact and it is supported by the documentary evide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, decree or order in any court of law, Tribunal, Arbitration panel or other Authority. (ii) Transferring, encumbering, alienating or disposing of by the corporate debtors any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) (iv) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 11. The supply of esse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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